Smiths City (NZX:SCY) has announced the progress against the conditions for the sale of its business to Polar Capital. The only outstanding condition now is SCY's shareholder approval, update on this one will more likely be announced in current week.
On 18 May, the company has announced that it has entered a conditional agreement to sell Smiths City's retail and finance operations that value the assets at around NZD 60 million.
The proposed sale is conditional on:
- Purchaser finance being confirmed.
- Smiths City shareholder approval.
- Smiths City financier approval.